Missions chains. Story campaigns. Unique NPCs. Lots of voiced characters. Base building. Development focus on the game's strengths. Investment into what the playerbase asks for. Homebase customisation packs.I'd say look at the other games Frontier released for clues to what they could incorporate into Elite via Cobra. I would imagine the biggest beneficiary to Elite with that money would be the investment into the Cobra engine directly, maybe raytracing etc??
Coincidentally, also what Star Citizen is missing.